COMPASS Pathways (CMPS) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39522
Entity Registrant Name	COMPASS Pathways plc
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	33 Broadwick Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	W1F 0DQ
Entity Address, Country	GB
City Area Code	716
Local Phone Number	676-6461
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share, par value of £0.008 per share
Trading Symbol	CMPS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,420,818
Entity Central Index Key	0001816590
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 206,953	$ 220,198
Restricted cash	389	440
Prepaid expenses and other current assets	26,319	40,658
Total current assets	233,661	261,296
NON-CURRENT ASSETS:
Operating lease right-of-use assets	2,745	4,306
Deferred tax assets	4,414	3,336
Long-term prepaid expenses and other assets	6,518	7,049
Total assets	247,338	275,987
CURRENT LIABILITIES:
Accounts payable	8,233	5,892
Accrued expenses and other liabilities	13,522	11,301
Debt, current portion	2,156	0
Operating lease liabilities - current	2,300	2,411
Total current liabilities	26,211	19,604
NON-CURRENT LIABILITIES
Debt, non-current portion	27,638	28,757
Operating lease liabilities - non-current	459	1,882
Total liabilities	54,308	50,243
Commitments and contingencies (Note 8)
SHAREHOLDERS' EQUITY:
Ordinary shares, £0.008 par value; 68,409,068 and 61,943,471 shares authorized, issued and outstanding at September 30, 2024 and December 31, 2023, respectively	699	635
Additional paid-in capital	700,273	621,645
Accumulated other comprehensive loss	(16,542)	(16,926)
Accumulated deficit	(491,400)	(379,610)
Total shareholders' equity	193,030	225,744
Total liabilities and shareholders' equity	$ 247,338	$ 275,987

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - £ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in GBP per share)	£ 0.008	£ 0.008
Common stock, authorized (in shares)	68,409,068	61,943,471
Common stock, issued (in shares)	68,409,068	61,943,471
Common stock, outstanding (in shares)	68,409,068	61,943,471

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OPERATING EXPENSES:
Research and development	$ 32,928	$ 21,526	$ 86,898	$ 60,379
General and administrative	14,968	12,536	42,893	38,135
Total operating expenses	47,896	34,062	129,791	98,514
Loss from operations:	(47,896)	(34,062)	(129,791)	(98,514)
OTHER INCOME (EXPENSE), NET:
Benefit from R&D tax credit	4,084	2,685	10,894	9,521
Interest income	1,977	1,015	6,645	2,357
Interest expense	(1,137)	(1,080)	(3,347)	(1,080)
Foreign exchange gains (losses)	4,452	(1,997)	3,894	2,064
Other income	191	112	486	106
Total other income, net	9,567	735	18,572	12,968
Loss before income taxes	(38,329)	(33,327)	(111,219)	(85,546)
Income tax expense	(173)	(62)	(571)	(386)
Net loss	$ (38,502)	$ (33,389)	$ (111,790)	$ (85,932)
Net loss per share attributable to ordinary shareholders - basic (in dollars per share)	$ (0.56)	$ (0.67)	$ (1.67)	$ (1.81)
Net loss per share attributable to ordinary shareholders - diluted (in dollars per share)	$ (0.56)	$ (0.67)	$ (1.67)	$ (1.81)
Weighted average ordinary shares outstanding - basic (in shares)	68,395,343	49,633,104	67,001,326	47,355,992
Weighted average ordinary shares outstanding - diluted (in shares)	68,395,343	49,633,104	67,001,326	47,355,992
Other comprehensive gain (loss):
Foreign exchange translation adjustment	$ 339	$ (738)	$ 384	$ (599)
Comprehensive loss	$ (38,163)	$ (34,127)	$ (111,406)	$ (86,531)

Condensed Consolidated Statemen

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME	ACCUMULATED DEFICIT	Ordinary shares COMMON STOCK	Deferred shares COMMON STOCK
Beginning balance (in shares) at Dec. 31, 2022					42,631,794	1
Beginning balance at Dec. 31, 2022	$ 181,280	$ 458,825	$ (16,867)	$ (261,146)	$ 440	$ 28
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					3,790
Exercise of share options	0
Issuance of ordinary shares, net of issuance costs (in shares)					113,420
Issuance of ordinary shares, net of issuance costs	1,188	1,187			$ 1
Issuance of ordinary shares to settle vested restricted stock units (in shares)					30,481
Issuance of ordinary shares to settle vested restricted stock units	0	(1)			$ 1
Shares tendered for withholding taxes	(109)	(109)
Share-based compensation expense	4,071	4,071
Unrealized (loss) gain on foreign currency translation	(578)		(578)
Net loss	(24,208)			(24,208)
Ending balance (in shares) at Mar. 31, 2023					42,779,485	1
Ending balance at Mar. 31, 2023	161,644	463,973	(17,445)	(285,354)	$ 442	$ 28
Beginning balance (in shares) at Dec. 31, 2022					42,631,794	1
Beginning balance at Dec. 31, 2022	181,280	458,825	(16,867)	(261,146)	$ 440	$ 28
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(85,932)
Ending balance (in shares) at Sep. 30, 2023					61,884,785	0
Ending balance at Sep. 30, 2023	253,255	617,165	(17,466)	(347,078)	$ 634	$ 0
Beginning balance (in shares) at Mar. 31, 2023					42,779,485	1
Beginning balance at Mar. 31, 2023	161,644	463,973	(17,445)	(285,354)	$ 442	$ 28
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					125,079
Exercise of share options	1				$ 1
Issuance of ordinary shares, net of issuance costs (in shares)					2,824,202
Issuance of ordinary shares, net of issuance costs	26,932	26,904			$ 28
Issuance of ordinary shares under employee share purchase plan (in shares)					23,843
Issuance of ordinary shares under employee share purchase plan	189	189
Cancellation of deferred share (in shares)						(1)
Share-based compensation expense	0	28				$ (28)
Unrealized gain on foreign currency translation	687	687
Issuance of ordinary shares to settle vested restricted stock units (in shares)					7,641
Issuance of ordinary shares to settle vested restricted stock units	0
Share-based compensation expense	4,561	4,561
Unrealized (loss) gain on foreign currency translation	717		717
Net loss	(28,335)			(28,335)
Ending balance (in shares) at Jun. 30, 2023					45,760,250	0
Ending balance at Jun. 30, 2023	166,396	496,342	(16,728)	(313,689)	$ 471	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					33,691
Exercise of share options	0
Issuance of ordinary shares, net of issuance costs (in shares)					16,076,750
Issuance of ordinary shares, net of issuance costs	116,615	116,452			$ 163
Issuance of ordinary shares to settle vested restricted stock units (in shares)					14,094
Issuance of ordinary shares to settle vested restricted stock units	0
Shares tendered for withholding taxes	(76)	(76)
Share-based compensation expense	4,447	4,447
Unrealized (loss) gain on foreign currency translation	(738)		(738)
Net loss	(33,389)			(33,389)
Ending balance (in shares) at Sep. 30, 2023					61,884,785	0
Ending balance at Sep. 30, 2023	$ 253,255	617,165	(17,466)	(347,078)	$ 634	$ 0
Beginning balance (in shares) at Dec. 31, 2023	61,943,471				61,943,471	0
Beginning balance at Dec. 31, 2023	$ 225,744	621,645	(16,926)	(379,610)	$ 635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					86,510
Exercise of share options	220	219			$ 1
Issuance of ordinary shares, net of issuance costs (in shares)					2,509,798
Issuance of ordinary shares, net of issuance costs	26,219	26,194			$ 25
Issuance of ordinary shares to settle vested restricted stock units (in shares)					50,705
Issuance of ordinary shares to settle vested restricted stock units	0
Issuance of ordinary shares to settle warrants exercised (in shares)					3,752,050
Issuance of ordinary shares to settle warrants exercised	37,258	37,220			$ 38
Shares tendered for withholding taxes	(185)	(185)
Share-based compensation expense	5,129	5,129
Unrealized (loss) gain on foreign currency translation	(36)		(36)
Net loss	(35,187)			(35,187)
Ending balance (in shares) at Mar. 31, 2024					68,342,534	0
Ending balance at Mar. 31, 2024	$ 259,162	690,222	(16,962)	(414,797)	$ 699	$ 0
Beginning balance (in shares) at Dec. 31, 2023	61,943,471				61,943,471	0
Beginning balance at Dec. 31, 2023	$ 225,744	621,645	(16,926)	(379,610)	$ 635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (111,790)
Ending balance (in shares) at Sep. 30, 2024	68,409,068				68,409,068	0
Ending balance at Sep. 30, 2024	$ 193,030	700,273	(16,542)	(491,400)	$ 699	$ 0
Beginning balance (in shares) at Mar. 31, 2024					68,342,534	0
Beginning balance at Mar. 31, 2024	259,162	690,222	(16,962)	(414,797)	$ 699	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					3,845
Exercise of share options	0
Issuance of ordinary shares under employee share purchase plan (in shares)					36,652
Issuance of ordinary shares under employee share purchase plan	210	210
Issuance of ordinary shares to settle vested restricted stock units (in shares)					4,438
Issuance of ordinary shares to settle vested restricted stock units	0
Share-based compensation expense	4,921	4,921
Unrealized (loss) gain on foreign currency translation	81		81
Net loss	(38,101)			(38,101)
Ending balance (in shares) at Jun. 30, 2024					68,387,469	0
Ending balance at Jun. 30, 2024	226,273	695,353	(16,881)	(452,898)	$ 699	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share options (in shares)					13,083
Exercise of share options	0
Issuance of ordinary shares to settle vested restricted stock units (in shares)					8,516
Issuance of ordinary shares to settle vested restricted stock units	0
Shares tendered for withholding taxes	(53)	(53)
Share-based compensation expense	4,973	4,973
Unrealized (loss) gain on foreign currency translation	339		339
Net loss	$ (38,502)			(38,502)
Ending balance (in shares) at Sep. 30, 2024	68,409,068				68,409,068	0
Ending balance at Sep. 30, 2024	$ 193,030	$ 700,273	$ (16,542)	$ (491,400)	$ 699	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical)	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares
Ordinary shares
Common stock, par value (in GBP per share)	$ 0.008	$ 0.008
Deferred shares
Common stock, par value (in GBP per share)	$ 21,921.504	$ 21,921.504

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (111,790)	$ (85,932)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	183	344
Non-cash interest	1,037	310
Loss on disposal of property and equipment	0	40
Non-cash (gain) on foreign currency remeasurement	(802)	(1,820)
Non-cash share-based compensation	15,023	13,079
Non-cash lease expenses	1,687	1,494
Changes in operating assets and liabilities
Prepaid expenses and other current assets	14,479	12,433
Deferred and prepaid tax assets	46	(1,035)
Long-term prepaid expenses and other assets	643	(5,825)
Operating lease liabilities	(1,659)	(1,428)
Accounts payable	1,947	(567)
Accrued expenses and other liabilities	1,777	(687)
Net cash used in operating activities	(77,429)	(69,594)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	0	(66)
Proceeds from disposal of property and equipment	0	2
Net cash used in investing activities	0	(64)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares, net of issuance costs	26,219	144,976
Proceeds from the exercise of warrants	37,258	0
Proceeds from issuance of shares under the employee share purchase plan	210	189
Payments of withholding tax on stock award	(238)	(185)
Net proceeds from issuance of long term debt	0	29,585
Payment of issuance cost of long term debt	0	(778)
Proceeds from exercise of share options	220	2
Net cash provided by financing activities	63,669	173,789
Effect of exchange rate changes on cash, cash equivalents and restricted cash	464	857
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,296)	104,988
Cash, cash equivalents and restricted cash, beginning of the period	220,638	143,381
Cash, cash equivalents and restricted cash, end of the period	207,342	248,369
Reconciliation of the cash, cash equivalents and restricted cash
Cash and cash equivalents	206,953	248,038
Restricted cash	389	331
Total cash, cash equivalents and restricted cash	$ 207,342	$ 248,369

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Compass Pathways plc, or the Company, is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. The Company is developing its investigational COMP360 psilocybin treatment through late-stage clinical trials in Europe and North America for patients with treatment-resistant depression. The Company is subject to risks and uncertainties common to clinical stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary intellectual property and technology, compliance with government regulations and the ability to secure additional capital to fund operations. Therapeutic candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s therapeutic development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from sales. The Company has funded its operations with proceeds from the sale of its ordinary shares, American Depository Shares, or ADSs, including in its offerings pursuant to its at-the-market, or ATM, offering program, proceeds from a loan agreement with Hercules Capital, Inc., and proceeds from a private placement transaction, or the PIPE. The Company is party to a Sales Agreement for its ATM offering program, dated October 8, 2021, with TD Securities (USA) LLC, or TD Cowen, under which the Company may issue and sell from time to time up to $150.0 million of its ADSs, each representing one ordinary share, through TD Cowen as the sales agent. Sales of the Company’s ADSs, if any, will be made at market prices. Since the establishment of the ATM offering program, t hrough September 30, 2024 , the Company sold 5,491,836 ADSs under the ATM offering program, resulting in $54.8 million in net proceeds. During the three months ended September 30, 2024, the Company did not sell any ADSs under the ATM offering program. On June 30, 2023, the Company entered into a Loan Agreement with Hercules, which provided for aggregate maximum borrowings of up to $50.0 million, including a term loan of $30.0 million, which was funded on June 30, 2023. On August 16, 2023, the Company entered into a Securities Purchase Agreement, pursuant to which the Company agreed to sell and issue in a private placement transaction (i) 16,076,750 ADSs and (ii) PIPE Warrants to purchase up to 16,076,750 ADSs, at a purchase price of approximately $7.78 per ADS and accompanying PIPE Warrant to purchase one ADS. Each PIPE Warrant has an exercise price of $9.93 per ADS and is exercisable for a three year period beginning in February 2024. The PIPE Warrants may be exercised on a cashless basis if there is no effective registration statement registering the shares underlying the PIPE Warrants. Through September 30, 2024, PIPE Warrants were exercised for 3,752,050 ADS, resulting in $37.3 million in exercise proceeds. The Company will receive up to an additional approximately $122.4 million in gross proceeds if the PIPE Warrants are fully exercised. The Company has incurred recurring losses since its inception, including net losses of $111.8 million and $85.9 million for the nine months ended September 30, 2024 and 2023, respectively. In addition, as of September 30, 2024, the Company had an accumulated deficit of $491.4 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company believes the cash and cash equivalents on hand as of September 30, 2024 of $207.0 million will be sufficient to fund its operating expenses and capital expenditure requirements into 2026. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. The Company may raise additional capital through a combination of equity offerings, debt financings, collaborations, and other strategic transactions, including marketing, distribution or licensing arrangements. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial conditions. Market volatility, geopolitical tensions resulting from the ongoing war between Ukraine and Russia, the Israel-Hamas war and escalating conflict in the Middle East, heightened and fluctuating inflation and interest rates and the related impact on U.S., UK and global economies, instability in the banking system, the risk of economic slowdown or recession in the U.S., volatility due to the upcoming U.S. presidential election or other factors could adversely impact the Company’s operations, financial results and ability to raise additional funding .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the reported periods. The results of our operations for any interim period are not necessarily indicative of the results of our operations for any other interim period or for a full fiscal year. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC, on February 29, 2024. The condensed consolidated balance sheet at December 31, 2023, was derived from audited annual consolidated financial statements but does not contain all of the footnote disclosures from the annual financial statements. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine its impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued new guidance designed to improve corporate income tax disclosure requirements, primarily through increased disaggregation disclosures within the effective tax rate reconciliation as well as enhanced disclosures on corporate income taxes paid. The guidance is effective for all fiscal years beginning after December 15, 2024. The new standard can be adopted on a prospective basis with an option to be adopted retrospectively and early adoption is permitted. The Company is not early adopting the standard. The Company is currently evaluating this guidance to determine its impact on the Company’s condensed consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2024 2023 U.K. R&D tax credit $ 11,422 $ 27,877 Prepaid research and development 10,114 6,826 VAT recoverable 1,592 1,052 Prepaid income tax 1,123 1,123 Prepaid insurance premium 289 1,885 Other current assets 1,779 1,895 $ 26,319 $ 40,658 During the three months ended September 30, 2024, the Company received $13.6 million from the UK government for the 2023 R&D tax credit.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt On June 30, 2023, the Company entered into a Loan Agreement with Hercules, which was subsequently amended on October 31, 2024, the “Loan Agreement”, provides for aggregate maximum borrowings of up to $50.0 million, consisting of (i) a term loan of $30.0 million, which was funded on June 30, 2023, (ii) subject to the Company achieving certain performance milestones and available until June 30, 2025, an additional term loan of $10.0 million, and (iii) subject to the approval of Hercules’ investment committee in its sole discretion, and available during the interest-only period, an additional term loan of $10.0 million. The term loan will mature on July 1, 2027. The outstanding principal balance of the term loan bears interest at an annual rate equal to the greater of either (i) the prime rate as reported in The Wall Street Journal plus 1.50% or (ii) 9.75%. Accrued interest is payable monthly following the funding of each term loan. In addition to accrued interest, payment-in-kind (PIK) interest of 1.40% will be added to the balance of the loan. Payments under the Loan Agreement are interest only until the first principal payment is due on July 1, 2025 (or if the Borrowers achieve certain performance milestones, the interest only period may be extended to January 2, 2026 and, upon the achievement of certain additional performance milestones, the interest only period may be extended to July 1, 2026), followed by equal monthly payments of principal and interest through the scheduled maturity date, July 1, 2027. The Company incurred fees and transaction costs totaling $3.3 million associated with the initial term loan, which are recorded as a reduction to the carrying value of the long-term debt in the condensed consolidated balance sheets. These fees included $0.4 million of facility fees, $0.8 million of company fees, $0.7 million in warrants, and $1.4 million of end of term charges. The fees, transaction costs, and the end of term charge are amortized to interest expense through the maturity date using the effective interest method. The effective interest rate of the Loan Agreement was 15.8% as of September 30, 2024. The Company issued warrants to Hercules to purchase the Company’s Ordinary Shares equal to the quotient derived by dividing (i) the amount equal to (a) 2.5% times (b) the aggregate principal amount of term loan advances made and funded under the Loan Agreement by (ii) the exercise price of the warrants. The Loan Agreement includes a financial covenant requiring us to maintain a minimum level of $22.5 million of cash starting July 1, 2024. If the Company meets the performance milestones, the minimum cash covenant will not apply if its market capitalization is at least $750.0 million. The Company was in compliance with all covenants of the Loan Agreement as of September 30, 2024. Long-term debt consisted of the following (in thousands): September 30, December 31, 2024 2023 Term loan payable $ 30,000 $ 30,000 End of term charge 1,425 1,425 Future principal payments and end of term charge $ 31,425 $ 31,425 PIK interest payable 540 216 Unamortized debt issuance costs (2,171) (2,884) Carrying value of long-term debt $ 29,794 $ 28,757 Less: current portion $ (2,156) $ — Non-current portion $ 27,638 $ 28,757 Future principal payments, including End of Term Charge, are as follows (in thousands): December 31, 2024 — December 31, 2025 6,572 December 31, 2026 14,166 December 31, 2027 10,687 Total $ 31,425

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity At-The-Market Facility On October 8, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC, or Cowen, under which the Company may issue and sell from time to time up to $150.0 million of its ADSs, each representing one ordinary share, through TD Cowen as the sales agent. Sales of the Company’s ADSs, if any, will be made at market prices. Since the establishment of the ATM offering program, t hrough September 30, 2024 , the Company sold 5,491,836 ADSs, resulting in $54.8 million in net proceeds. Warrants On June 30, 2023, the Company entered into a Warrant Agreement with Hercules, which provides Hercules with the right to purchase a number of the Company’s Ordinary Shares, refer to Note 4 (Debt) for further details. Upon receipt of each term loan, the Warrant will automatically become exercisable and will expire in 10 years (on June 30, 2033). On June 30, 2023, with the receipt of the first term loan, 94,222 shares became exercisable to Hercules with a fair market value of $0.7 million. On August 18, 2023, in connection with the PIPE, the Company issued and sold warrants to purchase up to 16,076,750 ADSs, each representing one ordinary share. The PIPE Warrants have an exercise price of $9.93 per ADS. The PIPE Warrants became exercisable for a three year period beginning in February 2024. Through September 30, 2024, PIPE Warrants were exercised for 3,752,050 ADSs, resulting in $37.3 million in exercise proceeds.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2017 Equity Incentive Plan Under the Company’s historical shareholder and subscription agreements, the Company was authorized to issue restricted shares, restricted share units, as well as options, as incentives to its employees, non-employees and members of its board of directors. To the extent such incentives were in the form of share options, the options were granted pursuant to the terms of the 2017 Equity Incentive Plan, or the 2017 Plan. In July 2019, the Company’s board of directors adopted the 2017 Plan. The 2017 Plan provided for the grant of Enterprise Management Incentive, or EMI, options, to its UK employees, for the grant of options to its U.S. employees and non-employees of the Company. The 2017 Plan was administered by the board of directors. Options granted under the 2017 Plan typically vest over a three The options granted on June 30, 2020 were subject to 25% vesting upon the earlier occurrence of (i) the one year anniversary of the date of grant, or (ii) the date of the listing of the Company's ordinary shares on any stock exchange, followed by straight line vesting for three years for the remaining 75% of the allocation until vested in full. The restricted share units granted on June 30, 2020 are subject to 25% vesting upon the earlier of (i) the one year anniversary of the date of grant, or (ii) the first day following the six-month anniversary of the listing of the Company's ordinary shares on any stock exchange on which the closing price of the shares is 20% higher than the listing price for at least five consecutive trading days. As of September 30, 2024, the Company was authorized to issue a total of 1,355,946 ordinary shares underlying outstanding options granted under the 2017 Plan prior to our initial public offering, or IPO. 2020 Employee Share Purchase Plan The Company’s 2020 Employee Share Purchase Plan, or the ESPP, was adopted by the Board in September 2020 and approved by shareholders in September 2020 and became effective upon the effectiveness of the Company’s Registration Statement on Form F-1 in connection with the IPO. The ESPP initially reserved and authorized the issuance of up to a total of 340,053 ordinary shares to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and each January 1 thereafter through termination of the 2020 Plan, by the lesser of (i) 1% of the outstanding number of ordinary shares on the immediately preceding December 31, (ii) 510,080 ordinary shares or (iii) such lesser number of ordinary shares as determined by the plan administrator. The number of shares reserved under the ESPP is subject to change in the event of a share split, share dividend or other change in capitalization. On October 1, 2021, the Company launched the Share Incentive Plan, or the SIP, and the ESPP, through which employees can purchase shares at a discounted price. At the end of six months, shares will automatically be purchased at the lower of the opening and closing price of the shares for the saving period minus a 15% discount. 2020 Share Option Plan In September 2020, the Company’s board of directors adopted, and the Company’s shareholders approved, the 2020 Share Option and Incentive Plan, or the 2020 Plan, which became effective upon the effectiveness of the Company’s Registration Statement on Form F-1 in connection with the IPO. The 2020 Plan allows the compensation and leadership development committee to make equity-based and cash-based incentive awards to the Company’s officers, employees, directors and other key persons (including consultants). Options granted under the 2020 Plan generally expire 10 years from the date of grant and typically vest over a 4 year service period with 25% of the options vesting on the first anniversary of the commencement date and the balance vesting monthly over the remaining years. The Company initially reserved 2,074,325 of its ordinary shares for the issuance of awards under the 2020 Plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2022, by up to 4% of the outstanding number of ordinary shares on the immediately preceding December 31, or such lesser number of shares as determined by the compensation and leadership development committee. This number is subject to adjustment in the event of a sub-division, consolidation, share dividend or other change in the Company’s capitalization. The total number of ordinary shares that may be issued under the 2020 Plan is 7,938,129 shares as of September 30, 2024 , of which 348,263 shares remained available for future grant. The options granted under the 2020 Plan to employees generally expire 10 years from the date of grant. There are five potential vesting conditions for the grants including: (i) 25% per year over four year service period, (ii) four year service period with 25% of the vesting on the first anniversary of the commencement date and the balance vesting monthly over the remaining years, (iii) monthly vesting over four year service period, (iv) monthly vesting over three year service period, and (v) 100% vesting on the earlier of the next Annual General Meeting or the first anniversary of the grant date. On August 1, 2022, the Company granted to its new chief executive officer a non-qualified share option to purchase up to 600,000 ordinary shares as an inducement grant. The non-qualified share option has a 10 year term and vested one-fourth on August 1, 2023 and the remaining three-fourths in equal monthly installments over the following 36 months. The non-qualified share option has other terms that mirror those of non-qualified share options granted under the Company’s 2020 Plan and the Company’s standard form of non-qualified share option agreement. Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development 2,661 2,303 7,921 6,745 General and administrative 2,312 2,144 7,102 6,334 Total share based compensation expense $ 4,973 $ 4,447 $ 15,023 $ 13,079

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company computes basic net loss per common share by dividing net loss by the weighted-average number of common shares outstanding. The Company computes diluted net loss per common share by dividing net loss by the weighted-average number of common shares and dilutive potential common share equivalents then outstanding during the period. The Company’s potentially dilutive securities, which include unvested ordinary shares, unvested restricted share units, options granted and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of ordinary shares outstanding used to calculate both basic and diluted net loss per share attributable to ordinary shareholders is the same. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders for the nine months ended September 30, 2024 and 2023 because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2024 2023 Unvested restricted share units 702,183 367,692 Share options 8,718,938 6,954,760 Warrants 12,418,922 16,170,972 21,840,043 23,493,424

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company may be a party to litigation or subject to claims incident to the ordinary course of business. The Company was not a party to any material litigation and did not have material contingency reserves established for any liabilities as of September 30, 2024 or December 31, 2023. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In accordance with its Articles of Association, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no claims to date, and the Company has director and officer insurance that may enable it to recover a portion of any amounts paid for future potential claims.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (38,502)	$ (38,101)	$ (35,187)	$ (33,389)	$ (28,335)	$ (24,208)	$ (111,790)	$ (85,932)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the reported periods.
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine its impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued new guidance designed to improve corporate income tax disclosure requirements, primarily through increased disaggregation disclosures within the effective tax rate reconciliation as well as enhanced disclosures on corporate income taxes paid. The guidance is effective for all fiscal years beginning after December 15, 2024. The new standard can be adopted on a prospective basis with an option to be adopted retrospectively and early adoption is permitted. The Company is not early adopting the standard. The Company is currently evaluating this guidance to determine its impact on the Company’s condensed consolidated financial statements.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2024 2023 U.K. R&D tax credit $ 11,422 $ 27,877 Prepaid research and development 10,114 6,826 VAT recoverable 1,592 1,052 Prepaid income tax 1,123 1,123 Prepaid insurance premium 289 1,885 Other current assets 1,779 1,895 $ 26,319 $ 40,658

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following (in thousands): September 30, December 31, 2024 2023 Term loan payable $ 30,000 $ 30,000 End of term charge 1,425 1,425 Future principal payments and end of term charge $ 31,425 $ 31,425 PIK interest payable 540 216 Unamortized debt issuance costs (2,171) (2,884) Carrying value of long-term debt $ 29,794 $ 28,757 Less: current portion $ (2,156) $ — Non-current portion $ 27,638 $ 28,757
Schedule of Maturities of Long-Term Debt	Future principal payments, including End of Term Charge, are as follows (in thousands): December 31, 2024 — December 31, 2025 6,572 December 31, 2026 14,166 December 31, 2027 10,687 Total $ 31,425

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Share-based Compensation Expense	Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development 2,661 2,303 7,921 6,745 General and administrative 2,312 2,144 7,102 6,334 Total share based compensation expense $ 4,973 $ 4,447 $ 15,023 $ 13,079

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	nine months ended September 30, 2024 and 2023 because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2024 2023 Unvested restricted share units 702,183 367,692 Share options 8,718,938 6,954,760 Warrants 12,418,922 16,170,972 21,840,043 23,493,424

Nature of Business (Details)

Nature of Business (Details) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended		13 Months Ended	33 Months Ended	36 Months Ended
	Aug. 18, 2023 $ / shares shares	Aug. 16, 2023 $ / shares shares	Oct. 08, 2021 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares	Feb. 29, 2024	Dec. 31, 2023 USD ($)
Conversion of Stock [Line Items]
Ordinary share conversion ratio (in shares)	1		1
Proceeds from the exercise of warrants										$ 37,258	$ 0
Net loss				$ 38,502	$ 38,101	$ 35,187	$ 33,389	$ 28,335	$ 24,208	111,790	85,932
Accumulated deficit				491,400						491,400		$ 491,400		$ 491,400	$ 491,400		$ 379,610
Cash and cash equivalents				$ 206,953			$ 248,038			$ 206,953	$ 248,038	$ 206,953		$ 206,953	$ 206,953		$ 220,198
PIPE Warrants
Conversion of Stock [Line Items]
Sale of stock, shares issued in transaction (in shares) | shares												3,752,050
Term of warrants and rights outstanding				3 years 6 months						3 years 6 months		3 years 6 months		3 years 6 months	3 years 6 months
Proceeds from the exercise of warrants										$ 37,300		$ 37,300
Proceeds from warrant exercises, fully exercised										122,400
Loan Agreement
Conversion of Stock [Line Items]
Convertible notes, face amount								$ 50,000
Loan Agreement, Term Loan One
Conversion of Stock [Line Items]
Convertible notes, face amount				$ 30,000						$ 30,000		$ 30,000		$ 30,000	$ 30,000
Initial Public Offering | American Depositary Shares
Conversion of Stock [Line Items]
Maximum amount of stock that may be sold			$ 150,000
At-The-Market Offering
Conversion of Stock [Line Items]
Sale of stock, shares issued in transaction (in shares) | shares														5,491,836	5,491,836
Consideration received on transaction													$ 54,800	$ 54,800
Private Placement
Conversion of Stock [Line Items]
Ordinary share conversion ratio (in shares)		1
Sale of stock, shares issued in transaction (in shares) | shares	16,076,750	16,076,750								3,752,050
Sale of stock, price per share (in dollars per share) | $ / shares		$ 7.78
Purchase price (in dollars per share) | $ / shares		$ 9.93
Private Placement | PIPE Warrants
Conversion of Stock [Line Items]
Purchase price (in dollars per share) | $ / shares	$ 9.93
Term of warrants and rights outstanding																3 years

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
U.K. R&D tax credit	$ 11,422	$ 27,877
Prepaid research and development	10,114	6,826
VAT recoverable	1,592	1,052
Prepaid income tax	1,123	1,123
Prepaid insurance premium	289	1,885
Other current assets	1,779	1,895
Prepaid Expense and Other Assets, Current	$ 26,319	$ 40,658

Prepaid Expenses and Other Cu_4

Prepaid Expenses and Other Current Assets - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Research and development tax credit	$ 13.6

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024
Debt Instrument [Line Items]
Fees and transaction costs		$ 3.3
Number of shares available for purchase, percent of principal amount of term loan (as a percent)		0.025
Debt interest expense		$ 3.3	$ 1.1
Facility Fees
Debt Instrument [Line Items]
Fees and transaction costs		0.4
Company Fees
Debt Instrument [Line Items]
Fees and transaction costs		0.8
Warrants
Debt Instrument [Line Items]
Fees and transaction costs		0.7
End of Term Charge
Debt Instrument [Line Items]
Fees and transaction costs		$ 1.4
Loan Agreement
Debt Instrument [Line Items]
Convertible notes, face amount	$ 50
Interest rate, prime margin (as a percent)	1.50%
Stated interest rate	9.75%
Paid-in-kind interest rate	0.0140
Effective interest rate		15.80%
Market capitalization		$ 750
Loan Agreement | Subsequent event
Debt Instrument [Line Items]
Convertible notes, face amount				$ 50
Loan Agreement, Term Loan One
Debt Instrument [Line Items]
Convertible notes, face amount		30
Loan Agreement, Term Loan One | Subsequent event
Debt Instrument [Line Items]
Convertible notes, face amount				30
Loan Agreement, Term Loan Two | Subsequent event
Debt Instrument [Line Items]
Convertible notes, face amount				10
Loan Agreement, Term Loan Three
Debt Instrument [Line Items]
Debt instrument covenant, cash on hand		$ 22.5
Loan Agreement, Term Loan Three | Subsequent event
Debt Instrument [Line Items]
Convertible notes, face amount				$ 10

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loan payable	$ 30,000	$ 30,000
End of term charge	1,425	1,425
Future principal payments and end of term charge	31,425	31,425
PIK interest payable	540	216
Unamortized debt issuance costs	(2,171)	(2,884)
Carrying value of long-term debt	29,794	28,757
Less: current portion	(2,156)	0
Non-current portion	$ 27,638	$ 28,757

Debt - Schedule of Principal Pa

Debt - Schedule of Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
December 31, 2024	$ 0
December 31, 2025	6,572
December 31, 2026	14,166
December 31, 2027	10,687
Future principal payments and end of term charge	$ 31,425	$ 31,425

Shareholder's Equity (Details)

Shareholder's Equity (Details) $ / shares in Units, $ in Thousands				9 Months Ended		13 Months Ended	33 Months Ended	36 Months Ended
	Aug. 18, 2023 $ / shares shares	Aug. 16, 2023 $ / shares shares	Oct. 08, 2021 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 shares	Feb. 29, 2024	Jun. 30, 2023 USD ($) shares
Class of Stock [Line Items]
Ordinary share conversion ratio (in shares)	1		1
Proceeds from the exercise of warrants				$ 37,258	$ 0
PIPE Warrants
Class of Stock [Line Items]
Sale of stock, shares issued in transaction (in shares) | shares						3,752,050
Term of warrants and rights outstanding				3 years 6 months		3 years 6 months		3 years 6 months	3 years 6 months
Proceeds from the exercise of warrants				$ 37,300		$ 37,300
Hercules Capital, Inc.
Class of Stock [Line Items]
Term of warrants and rights outstanding											10 years
Number of options exercisable (in shares) | shares											94,222
Fair value of exercisable options											$ 700
At-The-Market Offering
Class of Stock [Line Items]
Sale of stock, shares issued in transaction (in shares) | shares								5,491,836	5,491,836
Consideration received on transaction							$ 54,800	$ 54,800
Private Placement
Class of Stock [Line Items]
Ordinary share conversion ratio (in shares)		1
Sale of stock, shares issued in transaction (in shares) | shares	16,076,750	16,076,750		3,752,050
Purchase price (in dollars per share) | $ / shares		$ 9.93
Private Placement | PIPE Warrants
Class of Stock [Line Items]
Term of warrants and rights outstanding										3 years
Purchase price (in dollars per share) | $ / shares	$ 9.93
American Depositary Shares | Initial Public Offering
Class of Stock [Line Items]
Amount authorized			$ 150,000

Share-Based Compensation - 2017

Share-Based Compensation - 2017 Equity Incentive Plan (Details) - 2017 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2024 day shares
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Number of shares authorized (in shares) | shares	1,355,946
Employee Stock Option | Options Granted Before June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	33.30%
Employee Stock Option | Share-based Payment Arrangement, Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	25%
Employee Stock Option | Share-based Payment Arrangement, Tranche one | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Award vesting percentage (in percent)	25%
Employee Stock Option | Share-based Payment Arrangement, Tranche two | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Award vesting percentage (in percent)	75%
Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award vesting percentage (in percent)	25%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche one | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	25%
Expiration period	1 year
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche two | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	6 months
Percentage amount closing price is higher than listing price	20%
Threshold consecutive trading days | day	5

Share-Based Compensation - 2020

Share-Based Compensation - 2020 Employee Share Purchase Plan (Details) - Employee stock - shares		9 Months Ended
	Oct. 01, 2021	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		340,053
Allowable increase in shares authorized for issuance, percentage of outstanding stock (in percent)		1%
Maximum increase in shares available for issuance (in shares)		510,080
Stock plan, offering period	6 months
Saving period (in percent)	15%

Share-Based Compensation - 20_2

Share-Based Compensation - 2020 Share Option Plan (Details)	1 Months Ended	9 Months Ended
	Sep. 30, 2020 shares	Sep. 30, 2024 vestingCondition shares
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		348,263
2020 Share Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years	10 years
Award vesting period	4 years
Award vesting percentage (in percent)	25%
Shares issued (in shares)		7,938,129
Number of vesting conditions | vestingCondition		5
2020 Share Option Plan | Vesting condition one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Award vesting percentage (in percent)		25%
2020 Share Option Plan | Vesting condition two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Award vesting percentage (in percent)		25%
2020 Share Option Plan | Vesting condition three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
2020 Share Option Plan | Vesting condition four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		3 years
2020 Share Option Plan | Vesting condition five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)		100%
2020 Share Option Plan | Ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	2,074,325
Maximum percentage of shares outstanding number of shares reserved for issuance may increase (in percent)	4%

Share-Based Compensation - 2022

Share-Based Compensation - 2022 Inducement Grant Option Award (Details) - 2022 Inducement Grant Option Award	Aug. 01, 2022 shares
Share-based Payment Arrangement, Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	25%
Share-based Payment Arrangement, Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	75%
Ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Number of shares available for grant (in shares)	600,000
Award vesting period	36 months

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	$ 4,973	$ 4,447	$ 15,023	$ 13,079
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	2,661	2,303	7,921	6,745
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	$ 2,312	$ 2,144	$ 7,102	$ 6,334

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	21,840,043	23,493,424
Unvested restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	702,183	367,692
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,718,938	6,954,760
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,418,922	16,170,972